SB 0066

This bill increases the amount of money from an appropriation to the port authority which may be expended for renovation and dredging projects including associated mitigation.

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Matter which is either (a) all new or (b) repealed and reenacted appears in regular type.

Be it Enacted by the Senate and House of Representatives in General Court convened:

1 1991 Appropriation; Port Authority; Dredging Projects. Amend 1991, 351:5, as amended by 1992, 260:20, 1994, 204:1, 2000, 15:1, and 2000, 292:10 to read as follows:

351:5 Appropriation; Port Authority. The expansion of the Port of Portsmouth funded in this section shall include an 11-acre expansion of the north yard of the port, the construction of a 750-foot pier, dredging projects including associated mitigation to maintain channels and harbor, a hydrodynamic study of Hampton and Seabrook, renovation of any commercial fish piers that may be transferred to the port authority, and the rip-rap project on River Street in Seabrook. The sums hereinafter detailed are hereby appropriated for the project specified:

(The funds appropriated in subparagraph A for the Port of Portsmouth expansion shall not be expended, encumbered, or obligated in any way unless an action plan, which shall include construction documents, prepared by the New Hampshire Port Authority shall be approved by the capital budget overview committee, the fiscal committee, and the governor and council. $1,500,000 of the total amount appropriated herein is hereby released for the purpose of final design and bid documents. $1,800,000 of the total amount appropriated is designated for wetland mitigation. $400,000 of the total amount appropriated is designated for the Hampton-Seabrook hydrodynamic study. The remaining $14,600,000 is designated for construction, renovation, and dredging projects including associated mitigation. This appropriation shall be nonlapsing until the project is completed. The New Hampshire Port Authority shall not encumber, obligate, or expend any funds from this appropriation for renovation or dredging projects without the prior approval of the capital budget overview committee. The total amount that may be expended for renovation and dredging projects including associated mitigation shall not exceed a total of [~~$1,000,000~~] $2,300,000.)

The Treasury Department has determined that this bill will increase state general fund expen-ditures by $141,927 in FY 2002, by $138,027 in FY 2003, by $134,127 in FY 2004 and by $130,910 in FY 2005. There will be no effect on county or local expenditures or on state, county and local revenues. This bill increases general fund bonded indebtedness by $1,300,000.

The Treasury Department has indicated that the amount of all outstanding general obligation bonded indebtedness on behalf of and incurred by the state as of June 30, 2000 is $592,100,000. The amount of general fund bonds authorized, but unissued as of June 30, 2000 is $192,000,000.

The Treasury Department has assumed that the proposed bond authorization will be issued half in FY 2002 and half in FY 2003. Current Interest Bond rates are variable based on July 2000 rates and are amortized over 20 years (60% of the principal paid in the first ten years, 40% paid in the second 10 years). An estimated debt retirement schedule for all outstanding general fund bonded indebtedness, including the proposed authorization contained in this bill through FY 2005, is displayed below:

FISCAL YEAR ENDING	CURRENT DEBT SERVICE	PROPOSED ADDITIONAL DEBT SERVICE	TOTAL
2001	$64,769,000	$0	$64,769,000
2002	$58,094,000	$141,927	$58,235,927
2003	$57,260,000	$138,027	$57,398,027
2004	$56,603,000	$134,127	$56,737,127
2005	$52,385,000	$130,910	$52,515,910